1999 (10) TMI 53

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....of the IT Act, 1961 (for short "the Act") has been turned down by the Tribunal, Cochin Bench and hence this application under s. 256(2) of the Act has been filed. 2. The dispute relates to the asst. yr. 1990-91. Interest claimed in respect of certain credits amounting to Rs. 16,08,000 was disallowed by the AO on the ground that it was not genuine. Total interest claimed was Rs. 1,50,750. The AO....

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....l for the Revenue submits that the AO proceeded on the basis that the persons were not genuine and, therefore, the conclusion of the Tribunal that there was no dispute about the genuineness is a factual error. Learned counsel for the assessee submitted that grant of interest was consequent to the acceptance of the genuineness of the loan. Long back the loans were availed. Detailed examination was ....